US markets pulled in $135B in ETF flows last week. That single figure dominates every other geography combined. The tone is unmistakably risk-on.
The US attracted $135B in net inflows over the past week. Flow imbalance hit 80 — well into strong buying territory. Japan added another $14.4B, with an even higher imbalance of 87.8. Both countries have been consistent winners over the 3-month period too. The US pulled $679B over that window. Japan added $305B.
China is the mirror image. It shed $8.6B last week, with a flow imbalance of just 22.7 — deep selling pressure. Over 3 months, China has lost $37B in net flows. That outflow has been persistent and is accelerating.
Switzerland and Germany also saw notable weekly outflows, losing $342M and $266M respectively. Both had flow imbalances below 15. Over 3 months, Germany bled $3.8B, suggesting sustained institutional retreat from continental Europe.
India flipped. It attracted $104M this week, but over 3 months it sits in net outflow at -$1.1B. Investors may be returning selectively, but the trend remains fragile.
Information Technology led all sectors last week with $1.5B in net inflows. Industrials came second at $736M. Energy added $363M. These three sectors are consistent with the 3-month picture — all three rank in the top three over that window too.
Healthcare is under pressure. It lost $794M last week. Over 3 months, it has shed $5.4B. That is a sustained trend, not a blip.
Materials also fell hard — down $908M this week and $5.9B over 3 months. Financials look mixed. They attracted a slim $140M last week but have bled $11.3B over 3 months. The weekly bounce has not reversed the longer-term drift.
Consumer Discretionary attracted $223M this week, a reversal from its 3-month outflow of $1.2B. That is one of the clearest trend shifts in the data.
Equities dominated the asset class breakdown. They pulled in $151B last week at a 74.3 flow imbalance. Fixed income added a solid $10.8B. Commodities barely registered, losing $126M on the week despite heavy two-way trading. Over 3 months, commodities have shed $79.5B — the worst-performing asset class by far.
Growth ETFs were the standout strategy this week, collecting $95B with a flow imbalance of 98.3. That signals near-unanimous buying. Active strategies added $6.5B. ESG flows were essentially flat on the week despite a $12.9B outflow over 3 months — the bleeding has slowed but not stopped.
The overall picture is clear: investors are chasing growth, buying US and Japan, and stepping away from China, commodities, and healthcare.
ORTEX Market Intelligence content is generated by AI from a snapshot of ORTEX's proprietary data. Content is informational only and does not constitute investment advice.
